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CI Financial Income Fund Announces "Bought Deal" Financing

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CI Financial Income Fund (the "Fund") (TSX:CIX.UN) is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by GMP Securities L.P. and TD Securities Inc. which has agreed to purchase on a bought deal basis 15,000,000 Units of the Fund at a purchase price of $14.00 per Unit, for aggregate gross proceeds of $210,000,000. The underwriters will also have an option to purchase up to an additional 2,250,000 units, until the business day following the closing date, at the offer price to cover over-allotments and for market stabilization purposes.

The units to be issued under this offering will be offered by way of a supplement to the Fund's final base shelf prospectus dated November 7, 2008, to be filed in all of the provinces in Canada, and on a private placement basis in the United States pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended.

The Fund intends to use the net proceeds of the offering for general corporate purposes, including the enhancement of working capital and the repayment of debt. The closing of the offering is scheduled for December 30, 2008 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

About CI Financial Income Fund

The Fund (TSX:CIX.UN) is an independent, Canadian-owned wealth management company. The Fund offers a broad range of investment products and services, including an industry-leading selection of investment funds, and is on the Web at www.ci.com/cix.

This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of the Fund to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions, legislative and regulatory developments, the nature of our customers and rates of default, and competition as well as those factors discussed in the Fund's documents filed on SEDAR (www.sedar.com).

Although the Fund has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Fund does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Further information on the Fund is available at www.sedar.com.

This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.